Wed, May 15, 10:52 AM (72 days ago)
For Q1 2024, Hut 8 Corp. (HUT) reported significant improvements in its financial health and performance metrics compared to the same period in 2023. Revenue surged to $51,741, up from $15,647, driven by substantial growth in Digital Assets Mining and Managed Services. The company mined 716 Bitcoins, up from 524, despite a rise in network difficulty and energy costs. The cost to mine a Bitcoin increased to $24,594 from $12,348, reflecting higher energy and hosting expenses. However, the average revenue per Bitcoin mined also rose significantly to $51,769 from $23,106. Operating income saw a dramatic increase to $266,887 from a loss of $1,775, mainly due to gains on digital assets amounting to $274,574. Net income attributable to Hut 8 Corp. was $250,876, up from $17,328, translating to a basic EPS of $2.90. The company's liquidity remained strong with cash and cash equivalents totaling $11,546, although down from $30,504 at the end of 2023. The completion of the Business Combination with USBTC and the acquisition of Far North power plants enhanced operational capacity and diversification. Future operations are expected to benefit from the expanded energy infrastructure and strategic partnerships. However, increased network difficulty and energy costs pose uncertainties.